it was managed in recent years only because of the Apple trade, which can never be repeated,

Disagree, I believe it’s *possible.* I’ll admit it’s unlikely, but there are enough unicorns happening these days to make it at least “thinkable.”

I was surprised to find BRK investing so heavily in Apple, given the predilection for low volatility, low tech, long-time earners - but there it was. With Warren’s influence fading (and let’s face it, no two people are ever going to replicate each other’s style) I think it’s conceivable that there will be another magic carpet ride.

When I think of all the corporations that have come from nowhere to sector leading influence (and associated market position) I am amazed at how many I can name just off the tips of my brain: AOL, Tesla, Nvidia, Yahoo, Uber, AirBnB, Palantir, ByteDance, Facebook, Xiaomi, WeWork, even Amazon. That some of them have later collapsed doesn’t sway me, so did GE and Walgreen’s and Silicon Valley Bank, which got in trouble because: too many US Government bonds!

No, I am not advocating taking BRKs cash pile and throwing it every silly startup that comes along, but maybe Amazon could have been a pick 20 years ago? Or Facebook a decade back? Heck, we were into Chinese auto making in EVs back when that seemed a pipe dream.

Frankly, as I look at the list of newbie superstars I kick myself, because I missed so many of them, even as I said to myself “that’s gonna be something.” Ah well. I even thought of putting a mere 10k into Apple when Jobs was rehired, just as a vote of “welcome back” but didn’t. Ah, the dreams of days gone by.